New York Life Insurance has mandated Deutsche Bank as financial advisor to sell its Asian subsidiaries, reported E-Today. The report, which cited industry sources, stated that the unlisted New York-based insurance company is aiming to complete the sale by October. The report cited a source from KB Financial, the listed South Korean financial firm, as saying...
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KB Financial Group will not participate in the looming auction of the government-held stake in Woori Finance Holdings Co., its CEO said Monday, the Korea Herald reported. “KB, currently making losses, has no capacity for acquiring another company. We will consider (mergers and acquisitions) only after we get healthier,” Euh Yoon-dae, KB Financial’s chairman...
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The nominee for president of KB Financial would consider buying only the non-banking unit of Woori Finance, not the whole group, reported the Seoul Economic Daily. The report cited the nominee Euh Yoon-dae as saying that his willingness to acquire Woori Finance is aiming at diversifying, not at making a mega bank via a...
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The soon to be appointed new head of KB Financial, has reignited speculation on the government’s plan to create a Korean ‘mega-bank’, at a time when other global leaders are seeking to limit future “too big to fail” scenarios. Talks of a Korean mega-bank, able to compete with global giants, have been going on...
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South Korean financial firms Shinhan and Hana, and the state-run Korea Development Bank are unlikely to make an acquisition play for Lone Star’s 51% stake in Korea Exchange Bank, reported Financial News Daily. The report cited a person with knowledge of Shinhan and Hana for the information. He told the paper that both listed...
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KB Financial, the listed South Korean financial firm, is unlikely to submit a preliminary proposal to acquire Lone Star’s 51% stake in lender Korea Exchange Bank, reported Edaily. The report cited an unnamed insider at KB as saying that the company, currently undergoing a management shakeup, is yet to appoint someone with authority to...
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The sale of Korea Exchange Bank by Lone Star may take a relatively long time to succeed, Edaily reported, citing market sources. The article cites Lee Go-Eun, an analyst at Shinhan Investment, as saying that potential buyers such as KB Financial and Hana Financial are unlikely to drive acquisition plays. As firstly, KB Financial,...
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Hana Financial, is still evaluating a proposed merger with Woori Finance, Money Today reported (Korean), citing Hana CEO Kim Jong-yeol. The report cited Kim as telling a press conference that the company was yet to have a larger picture of the potential merger. Woori, in which the South Korean government holds a 65.97% stake...
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South Korean KB Financial was mentioned as a merger candidate for the privatisation of peer Woori Finance, reported the Korea Economic Daily here (Korean). The report, which cited industry sources, claimed the possibility and said that the to-be merged entity would be 50th large bank in terms of its asset. See ‘Korean Gov. committed...
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South Korean KB Financial is likely to withdraw from bidding for Prudential Investment & Securities, reported the Seoul Economic Daily in Korean here. The report cited an unspecified insider at KB Financial Gorup as saying that KB’s high officials have deemed that Prudential Securities is not the right target  - “we (KB) evaluated that if...
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